SUGAR LAND, Texas, Jan. 31 /PRNewswire-FirstCall/ -- Noble Drilling
Corporation's (NYSE: NE) reported net income increased 22 percent for the
fourth quarter of 2001 to $63.5 million, or $0.48 per diluted share, on
operating revenues of $260.5 million, compared to net income of $51.9 million,
or $0.38 per diluted share, on operating revenues of $241.2 million for the
fourth quarter of 2000. Net income for the year ended December 31, 2001
increased 59 percent to $262.9 million, or $1.96 per diluted share, on
operating revenues of $1,002.3 million, compared to net income of
$165.6 million, or $1.22 per diluted share, on operating revenues of
$882.6 million for the year ended December 31, 2000. Results for the year
ended December 31, 2001 include an extraordinary charge of $988,000, net of
taxes of $532,000, related to the purchase and retirement of
$43,305,000 principal amount of the Company's 7.50% Senior Notes due 2019 for
$44,362,000.
At December 31, 2001, the Company's consolidated balance sheet reflected
$1.78 billion in shareholders' equity, $236.7 million in cash and cash
equivalents, and $605.6 million in total debt. The Company repurchased
200,000 shares of its common stock at a total cost of $5,409,000 during the
fourth quarter of 2001. For the year ended December 31, 2001, the Company
repurchased 2,282,000 shares at a total cost of $76,197,000.
James C. Day, Chairman and Chief Executive Officer, said, "2001 was a
record year for the Company, in terms of net income, return on capital and
revenues. These excellent results in a difficult market are attributable to a
very focused management team."
Offshore contract drilling services revenues from deepwater drilling units
(capable of drilling in 4,000 feet and greater) accounted for approximately
37 percent and 46 percent of the Company's total offshore contract drilling
services revenues for the fourth quarter of 2001 and 2000, respectively. The
Company currently operates five deepwater semisubmersibles in the Gulf of
Mexico and one deepwater semisubmersible and three deepwater drillships
offshore Brazil. Offshore contract drilling services revenues from
international sources accounted for approximately 62 percent and 48 percent of
the Company's total offshore contract drilling services revenues for the
fourth quarter of 2001 and 2000, respectively. Dayrates in certain
international locations, especially the North Sea, the Middle East and West
Africa, were significantly higher in the fourth quarter of 2001 than the same
quarter of the prior year. The average dayrate for the Company's
international rigs was $62,088 in the fourth quarter of 2001, up 38 percent
from the same quarter of the prior year. Due to the weakness in the Gulf of
Mexico jackup market during the recent quarter, utilization rates on the
Company's domestic jackup rigs were adversely impacted. The average
utilization rate on these rigs was 65 percent in the fourth quarter of 2001,
compared to full utilization in the fourth quarter of 2000. However, the
average dayrate on the Company's domestic jackup rigs of $44,990 during the
fourth quarter of 2001 represented a one percent increase from the same
quarter of the prior year.
Day said, "Due to a weak U.S. economy and lower year-on-year natural gas
and oil prices, 2002 will obviously be challenging. We do anticipate the
market to begin to improve over the next 12 months. Barring a protracted
economic downturn, the international markets should continue to remain
reasonably firm."
Noble Drilling Corporation is a leading provider of diversified services
for the oil and gas industry. Contract drilling services are performed with
the Company's fleet of 49 offshore drilling units located in key markets
worldwide. The Company's fleet of floating deepwater units consists of
nine semisubmersibles and three dynamically positioned drillships, seven of
which are designed to operate in water depths greater than 5,000 feet. The
Company's premium fleet of 34 independent leg, cantilever jackup rigs includes
21 units that operate in water depths of 300 feet and greater, four of which
operate in water depths of 360 feet and greater, and 11 units that operate in
water depths up to 250 feet. In addition, the Company's fleet includes
three submersible units. Nine of the Company's units are capable of operating
in harsh environments. Over 60 percent of the fleet is currently deployed in
international markets, principally including the North Sea, Brazil, West
Africa, the Middle East, India and Mexico. The Company also provides labor
contract drilling services, well site and project management services, and
engineering services. The Company's common stock is traded on the New York
Stock Exchange under the symbol "NE".
This news release may contain "forward-looking statements" about the
business, financial performance and prospects of the Company. Statements
about the Company's or management's plans, intentions, expectations, beliefs,
estimates, predictions, or similar expressions for the future are forward-
looking statements. No assurance can be given that the outcomes of these
forward-looking statements will be realized, and actual results could differ
materially from those expressed as a result of various factors. A discussion
of these factors, including risks and uncertainties, is set forth from time to
time in the Company's filings with the U.S. Securities and Exchange
Commission.
Additional information on Noble Drilling Corporation is available via the
world wide web at http://www.noblecorp.com .
NOBLE DRILLING CORPORATION AND SUBSIDIARIES
SUMMARY OF RESULTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended December 31,
2001 2000
Operating Revenues $260,500 $241,179
Operating Costs and Expenses (167,718) (160,074)
Operating Income 92,782 81,105
Other Income (Expense), Net (8,416) (11,028)
Income Before Income Taxes 84,366 70,077
Income Tax Provision (20,880) (18,220)
Net Income $63,486 $51,857
Earnings Per Share:
Basic $0.48 $0.39
Diluted $0.48 $0.38
Weighted Average Common Shares Outstanding:
Basic 132,056 133,925
Diluted 132,882 135,655
NOBLE DRILLING CORPORATION AND SUBSIDIARIES
SUMMARY OF RESULTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Year Ended December 31,
2001 2000
Operating Revenues $1,002,329 $882,600
Operating Costs and Expenses (618,042) (613,976)
Operating Income 384,287 268,624
Other Income (Expense), Net (34,295) (42,317)
Income Before Income Taxes and
Extraordinary Charge 349,992 226,307
Income Tax Provision (86,082) (60,753)
Income Before Extraordinary Charge 263,910 165,554
Extraordinary Charge, Net of Tax (988) ---
Net Income $262,922 $165,554
Earnings Per Share:
Basic:
Income Before Extraordinary Charge $1.99 $1.24
Extraordinary Charge (0.01) ---
Net Income $1.98 $1.24
Diluted:
Income Before Extraordinary Charge $1.97 $1.22
Extraordinary Charge (0.01) ---
Net Income $1.96 $1.22
Weighted Average Common Shares Outstanding:
Basic 132,911 133,439
Diluted 134,174 135,461
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SOURCE Noble Drilling Corporation
CONTACT: John T. Rynd, Vice President - Investor Relations, Noble
Drilling Services Inc. of Noble Drilling Corporation, +1-281-276-6100/
